Customer satisfaction is one of the most powerful indicators of success for your business.
That statement likely doesn’t come as a huge surprise. Ask just about any business owner, and they’ll tell you they “know satisfaction is important.”
Experts have profusely reported on single-question customer metrics as great indicators of success. You can read scores of studies and articles emphasizing everything from the standard Customer Satisfaction rating, to Net Promoter Score (NPS), to the emerging Customer Effort score, to pieces emphasizing all three.
These experts extrapolate their importance, tying it to your bottom line. In some studies, customer satisfaction has even been linked to how well stock prices perform.
And for us, the power of satisfaction to predict success bears equal importance with subscription businesses.
How Satisfaction Rating Drives Subscription Commerce
Satisfaction, product feedback, and customer-driven data provide huge indicators for success, in terms of subscriber loyalty (retention) and in terms of the lifetime value (LTV) of those subscribers.
In the below examples, we’ll take one of the simplest forms of feedback – Product Feedback on a scale of 1 to 5, where 5 is best – and see how it relates to churn
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